BoyleSports said in a statement that it was "disappointed Ladbrokes and Gala Coral have decided to sell their 359 shops to existing UK retail competitors".

"The BoyleSports bid was higher than the reported sale price, was fully-funded, was cognisant of the changing political and regulatory UK landscape and could have been completed within two weeks of acceptance."

BoyleSports added that the decision not to allow a challenger brand onto the UK high street would be "bad for retail consumers who would have benefited from the keen pricing and excellent service already available to our existing Irish retail customers and to online customers in Ireland and the UK".

Under the shop sale deal, which rests on the merger going through, rival bookmaker Betfred will buy 322 shops for £55m and Stan James will pick up 37 for £500,000.

BoyleSports had made its intent clear in August - it sought to buy 360 shops, with reports at the time saying for around £100m. It planned to expand its regional presence in Britain and the purchase of the Ladbrokes and Gala Coral shops would have marked the first expansion for the firm outside of Northern Ireland and the Republic of Ireland, where it operates over 200 shops.